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Posted by Tango
on February 17, 2020, 9:35 am
Outright volume is gaining dominance as the roll diminishes. There is spread activity, EFP and EFS but the change in OI shows outright liquidation. It is obvious in March in the form of rolling into May and outright short covering. There is also short covering in May considering that the change in OI is close to flat, indicating new positions as a result of March roll into May offset by short covering in May. The bottom line is that it is obvious that funds and others have been covering as commercials and other longs have been selling. In RC there is rolling but the market remains passive. Today, prices are still.
USDBRL is 4.3208 +0.0234 (+0.54%) and USDCOP is 3,396.4299 +7.93 (+0.23%).